Is it better to contribute to an RRSP rather than to a TFSA?

Angela Iermieri | Financial Planner | Desjardins Group

Yes and no. It all depends on your situation. The RRSP and the TFSA are complimentary plans. The RRSP is mainly used for retirement and the TFSA is ideal for different projects. However, choosing the right one depends on your situation, for example, if:
  • You're already contributing to your employer's pension plan.
  • Your earnings will continue to increase over the next few years.
  • You're thinking about buying a home. 
Each situation is different which is why it's better to discuss it with your advisor.

If there are any questions, send them to us along with any comments you may have.

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